Nasdaq (NDAQ) Tax Rate (2009 - 2026)
Nasdaq (NDAQ) recorded Tax Rate of 23.11% in Q3 2026, up 3.07 percentage points from 20.04% a year earlier and up 0.75 percentage points from the prior quarter.
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Analysis
Nasdaq (NDAQ) Tax Rate (2009 - 2026) Analysis & Trends
On a TTM basis, Nasdaq's Tax Rate came in at 20.22% as of Sep 30, 2026, up 1.31 percentage points year-over-year; for FY2025, it was 16.69%, down 6.36 percentage points from FY2024.
- Annual Tax Rate has a five-year change of -6.33 percentage points (FY2020 to FY2025).
- Across earlier years, Tax Rate came in at 23.05% in FY2024 (-1.50 pp), 24.55% in FY2023 (+0.69 pp), 23.86% in FY2022 (+1.24 pp) and 22.62% in FY2021 (-0.40 pp).
- Quarterly Tax Rate has ranged from 10.69% in Q4 2025 to 34.90% in Q2 2024 over the past five years.
- On a year-over-year basis, Tax Rate has increased for three consecutive quarters, with an average year-over-year change of -3.07 percentage points over the last eight quarters.
- Peak year-over-year performance for Tax Rate in the last five years was a gain of 14.13 percentage points in Q2 2024, against a drop of 17.38 percentage points in Q2 2025 at the low end.
- Per Business Quant, the preceding three quarters came in at 22.36% (Q2 2026), 23.34% (Q1 2026) and 10.69% (Q4 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Tax Rate (Qtr) |
|---|---|---|---|---|---|
| 1 | Cme | 110.48 Bn | 98.81 Bn | 359.20 Mn | 23.46% |
| 2 | Bank of New York Mellon | 101.69 Bn | 35.78 Bn | - | 22.83% |
| 3 | Intercontinental Exchange | 98.41 Bn | 92.22 Bn | 1.22 Bn | 23.03% |
| 4 | Robinhood Markets | 73.28 Bn | 52.89 Bn | - | 23.84% |
| 5 | Nasdaq | 61.44 Bn | 58.88 Bn | 1.48 Bn | 23.11% |
| 6 | State Street | 46.84 Bn | 43.46 Bn | - | 21.47% |
| 7 | Cboe Global Markets | 38.04 Bn | 28.52 Bn | 712.20 Mn | 22.78% |
| 8 | Interactive Brokers | 35.16 Bn | 18.81 Bn | - | 9.89% |
| 9 | Northern Trust | 32.22 Bn | 32.22 Bn | - | 19.28% |
| 10 | Tradeweb Markets | 30.09 Bn | 22.61 Bn | - | 22.45% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 23.11% |
| Jun 30, 2026 | 22.36% |
| Mar 31, 2026 | 23.34% |
| Dec 31, 2025 | 10.69% |
| Sep 30, 2025 | 20.04% |
| Jun 30, 2025 | 17.52% |
| Mar 31, 2025 | 19.06% |
| Dec 31, 2024 | 19.13% |
| Sep 30, 2024 | 14.33% |
| Jun 30, 2024 | 34.90% |
| Mar 31, 2024 | 25.32% |
| Dec 31, 2023 | 29.50% |
| Sep 30, 2023 | 24.81% |
| Jun 30, 2023 | 20.77% |
| Mar 31, 2023 | 23.99% |
| Dec 31, 2022 | 25.47% |
| Sep 30, 2022 | 23.04% |
| Jun 30, 2022 | 22.67% |
| Mar 31, 2022 | 24.33% |
| Dec 31, 2021 | 17.52% |
API Access
Nasdaq Tax Rate API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=tax-rate&ticker=NDAQ&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "tax-rate", "ticker": "NDAQ", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=tax-rate&ticker=NDAQ&period=max&api_key=YOUR_API_KEY");
const data = await res.json();